Report: AMT looking to buy Israeli towers from Cellcom, Pelephone

|By:, SA News Editor

Globes reports American Tower (AMT +1.6%) is talking with Israel's Cellcom (CEL -0.9%) and Pelephone Communications about buying their mobile sites and leasing them back.

AMT, which posted a Q1 beat on Thursday, has been on an acquisition binge in recent years. The company agreed to buy giant U.S. cell tower owner Global Tower for $4.8B last year, and also paid $811M to buy and lease back Brazilian/Mexican towers from NII Holdings.

Thanks to its acquisitions, AMT ended Q1 with $14.3B in debt, a sum offset by just $333M in cash/equivalents.

Globes notes antitrust regulators have objected to Cellcom and Pelephone's plans to jointly build a 4G network, and that the carriers are looking for other ways to cut costs. The paper reported last month Cellcom is getting set to launch a pay-TV service in August.